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Discover Survey: Anxiety and Avoidance are Driving the Financial Lives of Many Americans

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A new Discover Personal Loans survey reveals that 80% of Americans experience financial anxiety, with 34% reporting moderate to severe levels. Key findings include:

1. Top financial stressors: inflation (58%), everyday expenses (49%), state of the economy (45%), and current income level (38%).

2. Debt concerns: 30% cite debt as a cause of stress, with 84% having credit card debt and 55% having medical or home loan debt.

3. Financial unpreparedness: Many Americans feel ill-equipped to handle job loss (64%), caregiver expenses (63%), or unexpected expenses over $5,000 (60%).

4. Generational differences: Misconceptions about managing debt and reasons for avoiding personal loans vary across generations.

The survey highlights the need for financial education and awareness of available tools to manage debt and unexpected expenses.

Un nuovo sondaggio sui prestiti personali di Discover rivela che l'80% degli americani vive con ansia finanziaria, con il 34% che riporta livelli di ansia da moderati a gravi. I principali risultati includono:

1. Principali fonti di stress finanziario: inflazione (58%), spese quotidiane (49%), stato dell'economia (45%) e livello attuale di reddito (38%).

2. Preoccupazioni per i debiti: il 30% cita i debiti come causa di stress, con l'84% che ha debiti da carte di credito e il 55% che ha debiti medici o prestiti per la casa.

3. Inadeguatezza finanziaria: molti americani si sentono mal equipaggiati per affrontare la perdita del lavoro (64%), spese per la cura dei familiari (63%) o spese impreviste oltre i 5.000 dollari (60%).

4. Differenze generazionali: i fraintendimenti sulla gestione del debito e le ragioni per evitare prestiti personali variano tra le diverse generazioni.

Il sondaggio evidenzia la necessità di un'educazione finanziaria e di consapevolezza degli strumenti disponibili per gestire i debiti e le spese impreviste.

Una nueva encuesta sobre préstamos personales de Discover revela que el 80% de los estadounidenses experimentan ansiedad financiera, con un 34% que reporta niveles moderados a severos. Los hallazgos clave incluyen:

1. Principales factores de estrés financiero: inflación (58%), gastos diarios (49%), estado de la economía (45%) y nivel actual de ingresos (38%).

2. Preocupaciones por deudas: el 30% cita la deuda como causa de estrés, con un 84% teniendo deudas de tarjetas de crédito y un 55% teniendo deudas médicas o de préstamos hipotecarios.

3. Despreparación financiera: muchos estadounidenses se sienten mal equipados para manejar la pérdida de empleo (64%), los gastos de cuidadores (63%) o gastos inesperados superiores a $5,000 (60%).

4. Diferencias generacionales: los conceptos erróneos sobre la gestión de deudas y las razones para evitar préstamos personales varían entre generaciones.

La encuesta resalta la necesidad de educación financiera y de conciencia sobre las herramientas disponibles para gestionar deudas y gastos inesperados.

새로운 Discover 개인 대출 설문조사에 따르면 미국인의 80%가 재정적 불안감을 겪고 있으며, 그 중 34%는 중등도에서 심각한 수준으로 보고하고 있습니다. 주요 발견 사항은 다음과 같습니다:

1. 주요 재정 스트레스 요인: 인플레이션 (58%), 일상 생활비 (49%), 경제 상태 (45%), 현재 수입 수준 (38%).

2. 부채 걱정: 30%가 부채를 스트레스의 원인으로 지적하며, 84%가 신용 카드 부채를, 55%가 의료비 또는 주택 대출 부채를 가지고 있습니다.

3. 재정적 준비 부족: 많은 미국인들이 실직(64%), 요양비(63%) 또는 5,000달러 이상의 예상치 못한 지출을 처리할 준비가 되어 있지 않다고 느낍니다(60%).

4. 세대 간의 차이: 부채 관리에 대한 오해와 개인 대출을 피하는 이유는 세대에 따라 다릅니다.

이번 설문조사는 재정 교육과 부채 및 예상치 못한 지출을 관리하기 위한 도구에 대한 인식의 필요성을 강조합니다.

Une nouvelle enquête sur les prêts personnels de Discover révèle que 80 % des Américains ressentent de l'anxiété financière, avec 34 % signalant des niveaux modérés à sévères. Les principales conclusions comprennent :

1. Principaux facteurs de stress financier : inflation (58 %), dépenses quotidiennes (49 %), état de l'économie (45 %) et niveau de revenu actuel (38 %).

2. Inquiétudes concernant les dettes : 30 % citent les dettes comme une source de stress, avec 84 % ayant des dettes de carte de crédit et 55 % ayant des dettes médicales ou des prêts hypothécaires.

3. Inadéquation financière : de nombreux Américains se sentent mal préparés à faire face à une perte d'emploi (64 %), des dépenses liées aux aidants (63 %) ou des dépenses imprévues supérieures à 5 000 dollars (60 %).

4. Différences générationnelles : les idées fausses sur la gestion des dettes et les raisons d'éviter les prêts personnels varient selon les générations.

L'enquête souligne la nécessité d'une éducation financière et d'une sensibilisation aux outils disponibles pour gérer les dettes et les dépenses imprévues.

Eine neue Umfrage zu persönlichen Krediten von Discover zeigt, dass 80% der Amerikaner finanzielle Angst empfinden, wobei 34% moderate bis schwere Niveaus berichten. Zu den wichtigsten Ergebnissen gehören:

1. Hauptursachen für finanziellen Stress: Inflation (58%), alltägliche Ausgaben (49%), Zustand der Wirtschaft (45%) und aktuelles Einkommensniveau (38%).

2. Schuldenproblematik: 30% nennen Schulden als Stressursache, wobei 84% Kreditkartenschulden und 55% medizinische oder Hypothekenschulden haben.

3. Finanzielle Unvorbereitetheit: viele Amerikaner fühlen sich unzureichend gerüstet, um mit Arbeitsplatzverlust (64%), Kosten für Pflegepersonen (63%) oder unerwarteten Ausgaben über 5.000 US-Dollar (60%) umzugehen.

4. Generationsunterschiede: Missverständnisse über den Umgang mit Schulden und die Gründe für das Vermeiden von persönlichen Krediten variieren je nach Generation.

Die Umfrage verdeutlicht die Notwendigkeit finanzieller Bildung und das Bewusstsein für verfügbare Werkzeuge zur Verwaltung von Schulden und unerwarteten Ausgaben.

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Top stressors include inflation, everyday expenses, the economy and debt

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Four in five Americans have anxiety about their financial situation, with 34% experiencing moderate or severe anxiety, according to a new national survey conducted by Discover® Personal Loans. The number of Americans who feel some level of financial anxiety has remained consistently high the past three years and is up nine percentage points from 2021.

<percent>80%</percent> of Americans have anxiety about their financial situation. (Graphic: Business Wire)

80% of Americans have anxiety about their financial situation. (Graphic: Business Wire)

American Consumer Financial Anxiety Index a

Year

Feel Some Level of Anxiety

Feel Moderate or Severe Anxiety

2021

71%

34%

2022

80%

38%

2023

76%

33%

2024

80%

34%

a “What level of anxiety, if any, do you have about your financial situation?” survey question asked from 2021 – 2024. “Some level” calculated by adding together respondents who answered “I have severe anxiety,” “I have moderate anxiety” and “I have some anxiety.”

Financial stress is so severe that many Americans appear to be fearful of even looking at their situations. This is especially true among Gen Z with 41% who say they avoid looking at the amount of money in their bank account (vs. 27% of Millennials and 20% of Gen X).

“For the many Americans experiencing financial stress and anxiety, it may help to write out the reasons why and then address those in small and manageable steps,” said Dan Nickele, vice president, Discover Personal Loans. “Some steps could be building a monthly budget, reviewing expenses to identify opportunities to cut costs and making a plan for potential unexpected expenses like medical costs or home repairs. It may help lower stress just to know that a low fixed interest rate loan could be available if it’s needed in the future for a financial emergency.”

Inflation, expenses, the economy and income are the top drivers of financial stress in 2024

More than half of Americans continue to say high inflation contributes to their feelings of financial stress (58% in both 2024 and 2023, the top stressor both years). Additionally, stress around expenses, the economy and income reached a high point two years ago, and has remained significantly higher than in 2021.

Top Financial Stressors for American Consumers b

Stressor

2021 2022 2023 2024

High Inflation

N/A

N/A

58%

58%

Everyday Expenses

28%

57%

53%

49%

State of the Economy

31%

53%

46%

45%

Current Income Level

30%

40%

36%

38%

b “Which financial factors contribute to your feelings of financial stress?” survey question asked from 2021 – 2024

About one-third (30%) of Americans cited debt as a cause of financial stress. Of those, 84% have credit card debt and 55% have medical and/or home loan debt. Nearly nine in ten (88%) survey respondents have been in debt at some point, and of those 55% say their main priority is to pay their debt off quickly.

“Creating and sticking with a plan for paying off debt may give consumers peace of mind, open up new financial opportunities and could put them on a path toward a more rewarding financial future,” adds Nickele.

Americans do not feel financially prepared for many life events

According to the results of the study, many Americans do not feel well equipped to handle a litany of life events that may contribute to feelings of financial strife. For instance, most Americans do not feel financially prepared to lose their job (64%), take on caregiver expenses (63%) or take on unexpected expenses over $5,000 (60%).c

Americans do not feel financially prepared to handle c

Circumstance

Do not feel prepared

Losing their job

64%

Taking on caregiver expenses

63%

Taking on any unexpected expense over $5,000

60%

The passing of a loved one

59%

Retirement

56%

An economic downturn or recession

53%

An unexpected medical expense

50%

c “How financially prepared do you feel to handle the following circumstances?” Percentages calculated by adding together “not very prepared” and “not at all prepared” responses.

Misconceptions around managing debt vary across generations

According to the survey, 31% of Americans feel that they will never get out of debt, which is similar across generations (36% Gen Z, 39% Millennials, 34% Gen X).

“Consumers across generations and economic situations may not be aware of the financial tools available to help them manage their debts and unexpected expenses,” said Rachael Olson, director of product strategy, Discover Personal Loans. “Those who are struggling with debt could potentially benefit from a type of personal loan called a debt consolidation loan, which may allow them to combine multiple higher-rate balances into a single fixed-rate loan with a set monthly payment to budget for.”

The reasons Americans avoid taking out a personal loan vary across generations. Thirty-three percent of Millennials and 32% of Gen X say they don’t take out a personal loan because the fees are too high, vs. only 18% of Gen Z. Meanwhile, 22% of Gen Z say it’s because they don’t understand how to apply for a personal loan, vs. only 6% of Millennials and 2% of Gen X. Twenty-one percent of Gen X consumers don’t believe they will qualify for a personal loan, vs. 18% of Millennials and 15% of Gen Z.

“We encourage consumers to do research to find the best personal loan product that can be tailored to their needs,” adds Olson. “Some of the roadblocks identified by our survey can be addressed by looking for a lender that offers a competitive interest rate, no application fee, no origination fees or closing costs, and flexible repayment terms. We also recommend looking for a lender with a strong history of great customer service, with agents available to answer any questions.”

Discover Personal Loans has many resources available to help consumers learn about managing debt, financing major expenses and reaching their financial goals. A personal loan calculator can help consumers find a loan term that works for their individual situation, and a debt consolidation calculator can help consumers see what they could potentially save if they were to consolidate higher-interest debt with a personal loan.

About the Survey

The national survey of 1,500 U.S. residents ages 18 and up was commissioned by Discover and conducted by Dynata (formerly Research Now/SSI), an independent survey research firm. The survey was fielded from April 16 through April 23, 2024. The maximum margin of sampling error was +/-3 percentage points with a 95 percent level of confidence.

About Discover

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America's cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation's leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

Equal Housing Lender

Discover makes loans without regard to race, color, religion, national origin, sex, handicap, or familial status.

Media Contact:

Matt Miller

Discover

mattmiller@discover.com

224-405-0653

@Discover_News

Source: Discover Financial Services

FAQ

What percentage of Americans have financial anxiety according to the 2024 Discover survey?

According to the 2024 Discover survey, 80% of Americans experience some level of financial anxiety, with 34% reporting moderate to severe anxiety.

What are the top financial stressors for Americans in 2024 as per the Discover (DFS) survey?

The top financial stressors in 2024 are high inflation (58%), everyday expenses (49%), state of the economy (45%), and current income level (38%).

How many Americans feel financially unprepared for unexpected expenses over $5,000?

According to the Discover survey, 60% of Americans do not feel financially prepared to handle unexpected expenses over $5,000.

What percentage of Americans cite debt as a cause of financial stress in the 2024 Discover (DFS) survey?

The 2024 Discover survey shows that 30% of Americans cite debt as a cause of financial stress.

How does financial anxiety in 2024 compare to previous years according to Discover's surveys?

The 2024 Discover survey shows that 80% of Americans feel some level of financial anxiety, which is up from 76% in 2023 and 71% in 2021, indicating a consistent trend of high financial anxiety over the past three years.

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